"This is a perfect storm for oil, think about it, between the Saudis trying to maintain market share and cutting and slashing prices, between the strong dollar … and the fact is that there is a huge supply out there," said Bouroudijan, chief investment officer at Index Financial Partners and a CNBC contributor.

"You didn't hear them saying cutting production, which really is what you would expect with falling prices. Cutting prices means that they're just trying to hold onto market share at this point," he said. "They're not really worried about the overproduction at this point."

"This is more money in the hands of the American consumer in the fact that gasoline prices are going to go down, and we are going to see all of that really affect the economy over the course of the next six months," he said.